Discounted Cash Flow (DCF) Analysis Levered

NRJ Group SA (NRG.PA)

6.68 €

+0.02 (+0.30%)

All numbers are in Millions, Currency in USD

Stock DCF: 16.69 | 6.68 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	374.31	411.04	406.56	336.16	378.62	382.45	386.31	390.21	394.15	398.13
Revenue (%)
Operating Cash Flow	48.59	70.61	55.46	43.60	57.36	55.01	55.57	56.13	56.69	57.27
Operating Cash Flow (%)
Capital Expenditure	-12.72	-49.16	-16.44	-14.62	-18.25	-21.85	-22.07	-22.30	-22.52	-22.75
Capital Expenditure (%)
Free Cash Flow	35.87	21.45	39.02	28.98	39.11	33.16	33.49	33.83	34.17	34.52

Weighted Average Cost Of Capital

Share price	$ 6.68
Beta	0.344
Diluted Shares Outstanding	79.87
Cost of Debt
Tax Rate	27.72
After-tax Cost of Debt	0.83%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.318
Total Debt	43.38
Total Equity	533.51
Total Capital	576.90
Debt Weighting	7.52
Equity Weighting	92.48
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	374.31	411.04	406.56	336.16	378.62	382.45	386.31	390.21	394.15	398.13
Operating Cash Flow	48.59	70.61	55.46	43.60	57.36	55.01	55.57	56.13	56.69	57.27
Capital Expenditure	-12.72	-49.16	-16.44	-14.62	-18.25	-21.85	-22.07	-22.30	-22.52	-22.75
Free Cash Flow	35.87	21.45	39.02	28.98	39.11	33.16	33.49	33.83	34.17	34.52
WACC
PV LFCF						31.58	30.39	29.24	28.13	27.07
SUM PV LFCF										146.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.98
Free cash flow (t + 1)	35.21
Terminal Value	1,181.42
Present Value of Terminal Value	926.56

Intrinsic Value

Enterprise Value	1,072.97
Net Debt	-259.94
Equity Value	1,332.92
Shares Outstanding	79.87
Equity Value Per Share	16.69